Candlesticks Intraday

Trade Idea Update: USD/JPY - Stand aside


USD/JPY - 109.10

New strategy  :

Stand aside

Position :  -

Target :  -

Stop : -

Although yesterday’s anticipated rebound to 109.49 adds credence to our near term bullish view for the erratic rise from 108.13 to bring retracement of recent decline, reckon upside would be limited to 109.86-87 (50% Fibonacci retracement of 111.58-108.13 and previous resistance), however, price should falter below 110.25-30 (61.8% Fibonacci retracement) and bring retreat later.

In view of this, would not chase this rise here and would be prudent to stand aside for now. Below 108.65-70 would suggest top is formed, bring weakness to 108.30-32, break there would signal the rebound from 108.13 has ended, bring retest of this level first.